Yes, sounds good, but better still (although digressing somewhat):
From the "Standard" toolbar, in both Word and Excel, there is a 'multiple undo' and 'multiple redo' function which pretty well does the same thing. There is a description to each action, so you can recognise a particular action and go back a couple of dozen "undos" in one keystroke. If you've gone too far, "redo" half a dozen back again. It's fantastic (I don't do 'cool') and has saved me much time. I just regret sometimes that you cannot go back (say) 20 actions, change that 20th action and then repeat the other 19 actions undone! I know I'm asking too much.